Benjamin Franklin. Paying for a Penn Education Financial Resource Guide. An investment in knowledge always pays the best interest.

Transcription

1 F 2018 FIN R 2018 FIN R 2018 AL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R Paying for a Penn Education Financial Resource Guide An investment in knowledge always pays the best interest. Benjamin Franklin CLASS OF

2 Congratulations on your admission to Penn! On behalf of Student Registration and Financial Services, welcome to the University of Pennsylvania. We know that paying for college can be complicated, and selecting the best financial programs is important to you and your family. This booklet presents information to help you with this decision. We encourage you to read our literature, use our interactive financial planning tool, PennPlan online, and visit our website where you can askben questions 24/7. Please contact us if you have further questions. We look forward to helping you pay for your Penn education. Sincerely, Michelle H. Brown-Nevers, Ed.D. Associate Vice President Student Registration and Financial Services 100 FRANKLIN BUILDING WALNUT STREET. PHILADELPHIA, PA FAX

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4 contents COST OF ATTENDANCE...pg. 1 HOW TO PAY FOR YOUR PENN EDUCATION...pg. 2 FIN RES...pg. 3 WORKSHEET...pg. 4 PAYMENT OPTIONS COMPARISON CHART...pg. 5 RECEIVING AND PAYING YOUR BILL...pg. 6 SRFS MUST DO LIST...pg. 7 FERPA AND NON-DISCRIMINATION STATEMENT...pg. 8 HOW TO CONTACT STUDENT FIN SERVICES...pg. 9 CHECKLIST FOR THE NEXT STEPS...pg. 10 OTHER CONTACTS...pg. 11 MORE INFORMATION Use askben to answer your general questions 24/7. Find askben at CLA OF CLA OF

5 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANC GUIDE 2018 FIN R 2018 FIN RE Cost 2018 FIN of Attendance R Cost of Attendance for Academic Year Living On/Off Campus Living with Family Tuition and Fees $47,668 $47,668 Housing 8,688 0 Meals 4,776 2,264 Books 1,220 1,220 Personal Expenses 1,848 1,848 Total Cost $64,200 $53,000 Tuition and fees are fixed costs. These mandatory fees include the general fee, recreation fee, the student health clinical fee, and the educational technology fee. The housing allowance is based on the median room rate in the University College Houses. To stay within the allowance, be conscious of your room selection and choose it by the Penn Housing deadline. The meal allowance represents the cost of one of the first year dining plans through Penn Dining. If you live at home with your family, an allowance for meals away from home is included. The book allowance is an estimate of the annual cost for textbooks. Personal expenses include allowances for clothing, laundry, and recreation. Other Expenses Other expenses not included in the cost of attendance are: the New Student Orientation fee, laboratory fees for certain courses, and the College House fee if you live in College Housing. (For an explanation of fees, please see our website.) Travel expenses and student health insurance, if you are not insured through your parents plan, should also be considered. Student Health Insurance As a condition of enrollment, all full-time students must submit health and immunization records, maintain coverage for out-patient medical care through the Student Health Service and health insurance coverage for in-patient and catastrophic care. If you are not covered under a policy that meets the University s requirements you will automatically be enrolled in the Penn Student Insurance Plan (PSIP). The PSIP cost for the upcoming year is not yet available. Visit the Student Health Services website at for insurance details. 1 PAYING FOR A PENN EDUCATION FIN R 2018

6 F 2018 FIN R 2018 FIN R 2018 IAL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R How to Pay for Your Penn Education Payment Options You and your family are likely thinking about how to pay your family contribution. Will you pay it in full, at the beginning of each term? Do you prefer to budget it over ten months without interest? Or do you prefer to extend your payments over a longer term with a loan? To explore these ideas, review the information below and on the next page. We also provided a Worksheet on page 4. Penn Monthly Budget Plan The Penn Monthly Budget Plan is one way to extend your payments. Budget your payments over 10 months without interest. The Plan begins in May 2014 and ends in February Details are on page 5. Tuition Prepayment Plan Prepay up to 4 years of tuition and mandatory fees at the rate, thus saving on future tuition increases. Although we cannot predict future costs, tuition and fees increases have remained under 4% over the last two years. A Word About Loans Most students are eligible to borrow through the Federal Direct Loan Program. If you choose to borrow, we recommend that you borrow only what you need, even if you are eligible for a higher amount, and only to accomplish a specific goal, such as: to replace some of the expected summer earnings to distribute your family contribution over a term longer than four years to cover approved expenses not included in the cost of attendance (e.g., health insurance) Types of Loans Federal Direct Loans Federal loans (Direct Loan for students and Direct PLUS Loan for parents) should be the first choice for US citizens and permanent residents. Federal loans often have better terms, and usually offer loan consolidation, flexible repayment options, and income-based repayment. Alternative Educational Loans A number of private lenders and other financial institutions offer education loans to students. These loans are not subsidized and may carry higher interest rates and fees than federal loans. A co-signer is often needed, especially for international students. If you think you need an alternative loan, visit the loans section of our website at Home Equity Loans or Lines of Credit These loans are secured by home equity and can offer tax advantages and longer repayment schedules. Consumer Education Loans These loans are marketed by lenders who by-pass the schools, mailing information directly to you and your family. These are generally the least desirable loan products. Repaying Your Loan Penn students have found loan repayment to be manageable. The default rate for Federal Direct Loan borrowers at Penn is under one percent, well below the national average. For More Information We urge you to educate yourself about student loans and repayment. These websites offer additional information that is helpful: PAYING FOR A PENN EDUCATION FIN R

7 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANCI GUIDE 2018 FIN R 2018 FIN RE 2018 FIN R Financial Resources As with most major investments, such as homes or cars, it may be easier to assess affordability after you determine the down payment and convert the balance into a monthly payment. To begin your financial planning, we offer these guidelines: 1. Estimate your total costs, using the cost of attendance and other expenses listed on page Assess your available resources. We listed some ideas below. 3. Complete the worksheet on page Review the Payment Options Chart on page 5. Note: You may prefer to complete these steps online, access PennPlan online. If so, access PennPlan online through your Decision portal. Available Resources Parents Savings and Other Assets Your family is the first and most important resource in paying for your education. Payment plans or loans enable your family to distribute available assets over your academic career. Gifts from Relatives Is there a grandparent or other relative willing to invest in your education by means of either an outright gift or lowinterest loan? Consult a financial planner to review the financial advantages and tax consequences. Student Resources Summer of 2014 Employment Savings from your summer earnings are an important resource. Academic-Year Employment Many students obtain academic year employment in the Philadelphia area or on campus. Visit the Student Employment website at for information on non-work-study jobs. Non-Wage Income Examples are interest, dividend or trust income. PennPlan online Scan with your smart phone Federal Direct Loan This federal loan is offered for US citizens and permanent residents. The maximum amount you can borrow for your freshman year is $5,500. Repayment can be deferred until you complete your education. See page 5 for details. Outside Scholarships/Employer Assistance Scholarships are often available from outside sources. Check with your parents employers, your high school, fraternal organizations, and other local groups. Learn more about outside scholarships at and 3 PAYING FOR A PENN EDUCATION FIN R 2018

8 F 2018 FIN R 2018 FIN R 2018 AL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R Worksheet Complete this worksheet to adjust costs if needed, and select resources for paying your family contribution. We provided two columns so you can lay out two different scenarios. If you have a balance, review the payment options on the next page. To use an online interactive worksheet, log in to PennPlan online, available through your Decision portal. Cost of Attendance for the Academic Year Option 1 Option 2 Tuition and Mandatory Fees $47,668 $47,668 Housing 8,688 Meals 4,776 Books 1,220 Personal 1,848 Travel Other + + Total Costs 1. $ $ Resources Readily Available for Your Family Contribution Parents savings and assets $ $ Gifts from relatives Student s savings and assets Student non-wage income Summer of 2014 employment Federal Direct Loan (for US citizens and permanent residents) The maximum amount freshmen may receive is $5,500. Other Total Available Resources Above 2. $ $ Total Costs (from #1 above) $ Subtract Total Available Resources (from #2 above) Remaining Costs To Be Covered $ $ You may choose to convert the remaining costs into a monthly payment, using one or more of the programs outlined on page 5. To estimate monthly payments, log on to PennPlan online and use an interactive calculator. PAYING FOR A PENN EDUCATION FIN R

9 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANCI GUIDE 2018 FIN R 2018 FIN RE 2018 FIN R Payment Options Comparison Chart Student Program Parent Programs Eligibility Federal Direct Loan US citizen or permanent resident Enrolled at least half-time in degree program Federal Direct PLUS Loan US citizen or permanent resident Enrolled at least halftime in degree program No adverse credit history Penn Monthly Budget Plan Any Penn student Tuition Prepayment Plan Any Penn student Amounts Grade Level Annual Maximum for Dependent Students Annual Maximum for Independent Students Limit on Subsidized Amount Freshmen $5,500 $9,500 $3,500 Sophomore $6,500 $10,500 $4,500 Cost of education minus other financial aid You determine the amount each year $190,672* Four times tuition and fees for Jr./Sr. $7,500 $12,500 $5,500 Note: The annual maximum may not exceed Penn s cost of attendance less any other financial assistance you receive. Interest Rates** Subsidized 3.86% for loans disbursed July 1, 2013-June 30, 2014 Interest is subsidized by the federal government during in-school period for subsidized loans Unsubsidized 3.86% for loans disbursed July 1, 2013-June 30, 2014 Interest begins to accrue after the first disbursement and may be paid quarterly while in school or capitalized 6.41% for loans disbursed July 1, 2013 June 30, 2014 Fees** 1.072% origination fee 4.288% origination fee $75 enrollment fee None Source U.S. Department of Education U.S. Department of Education Repayment To Apply Recommended Deadlines*** Subsidized Loans: Begins 6 months after graduation or withdrawal from the University May be deferred for graduate study and in certain other circumstances Graduated and income-sensitive options available Unsubsidized Loans: 6 months after graduation or withdrawal from the University with the option to capitalize accrued in-school interest or to begin interest payments while in school Graduated and income-sensitive options available Up to 10 year repayment term, may be extended through consolidation up to 30 years depending on the amount borrowed File a FAFSA by April 15, 2014 at SRFS will notify you of additional steps in the spring Begins within 60 days after final disbursement File a FAFSA by April 15, 2014 at SRFS will notify you of additional steps in the spring None University of Pennsylvania Over 10 months beginning in May edu/budget-plan None University of Pennsylvania One payment prepays tuition and mandatory fees for 4 years, thereby avoiding future tuition and fees increases Contact SFS to request a set of agreements June 15, 2014 June 15, 2014 May 31, 2014 June 15, 2014 * The Plan prepays tuition and mandatory fees that are included in Penn s COA at the time you enroll. ** Rates are scheduled to change July 1, 2014; fees wil change October 1, *** Deadlines are recommended in order to receive credit on your initial Fall Term bill. Applications are still accepted after these dates. 5 PAYING FOR A PENN EDUCATION FIN R 2018

10 F 2018 FIN R 2018 FIN R 2018 AL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R Receiving and Paying Your Bill Penn.Pay Penn.Pay is Penn s online billing system through which you receive your student account bill. You can also review new activity on a daily basis and opt to pay your bills, securely and efficiently. In order for your parents to access Penn.Pay, you must invite them to be other payers. Review the MUST DO List on page 7 for instructions. Student Account Bill Presentation and Payment System Receiving Your Bill Notification that your student account billing statement is available will be sent to your University address, beginning with the July statement. (In July and August only, Penn will also mail a paper bill to the street address we have on record.) See the billing schedule below for details. Paying Your Bill* There are several ways to pay your bill: Online Use Penn.Pay to schedule both the payment date and amount to pay from your checking or savings account. Accounts must be with a US financial institution. Online Use Penn.Pay and pay with your American Express Card. A 2% convenience fee will be assessed and will appear on your American Express billing statement. Note that Penn does not receive any compensation or portion of the convenience fee for providing American Express as a payment option. Check Pay from a US checking or savings account. Payment coupons must accompany your payment. Payment coupons are attached to the bottom of your billing statement, or print one from Penn.Pay. Wire Transfer See the SFS website for details, or askben at In Person Present your payment coupon and check to the University Cashier, located in the lobby of the Franklin Building, 3451 Walnut Street. Payment coupons are attached to the bottom of your billing statement or print one from Penn.Pay. A late payment penalty of 1.5% of any past-due balance will be assessed monthly. A past-due balance may result in your student account being placed on financial hold which can restrict future registration, receipt of your diploma and transcript requests. Billing Schedule E-Bill Sent Due Date Bill Type Fall Term July 1, 2014 July 29, 2014 Paper and E-bill Spring Term December 2, 2014 January 7, 2015 E-bill only Monthly Bills First week of each month Last week of each month E-bill only For additional information about Penn.Pay, visit the SFS website or askben at *Note that information on this page is accurate at time of publication. Please check the SFS website for the most up-to-date information. PAYING FOR A PENN EDUCATION FIN R

11 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANCI GUIDE 2018 FIN R 2018 FIN RE 2018 FIN R SRFS Must Do List Note: To complete this list, login to Penn InTouch, using your secure PennKey and password, which will be sent to you in May. Penn InTouch is your secure gateway to academic, financial and personal information. Provide your Emergency Contact Information Penn s Division of Public Safety encourages you to provide personal emergency contact information for use with the UPennAlert Emergency Notification System & Penn Guardian. Providing current information is the best way to ensure you will be reached in the event of an emergency. Partner with Penn by providing a phone number (preferably a cell phone) where you can best be reached. You may also register other contacts such as parents or guardians, so that University officials can communicate with them as well. UPenn Alert: From Penn InTouch, select Profile, privacy & emergency, then Emergency Contact to enter your information to register for UPennAlert. Penn Guardian: To learn more, and register for, Penn Guardian, visit Give Permission to Share Academic/Financial Information By federal law (FERPA), the University generally cannot discuss your academic or financial records with a third party, including your parents. To authorize Penn to share academic and/or financial data with a parent, guardian, sponsor or other third party, you must designate them explicitly. Read more about FERPA on the next page. From Penn InTouch, select Profile, privacy & emergency, then Share Academic/Financial Information. Setup Penn.Pay Users and Payment Accounts for your Student Bills Penn.Pay is Penn s online billing and payment system. As a student, you can access Penn.Pay with your PennKey. To enable others (such as parents) to also receive/pay your bill, you must invite them as an other payer. From Penn InTouch, select Student Billing Account, then Paying Your Bill/Penn.Pay. Enroll in Direct Deposit As part of Penn s sustainability initiative, the University does not issue paper checks. Enroll in Direct Deposit, as you may receive wages from a work-study job, other campus employment, or receive a student account refund, or other University reimbursement. Direct Deposit ensures your funds will be deposited to your personal US bank account. To enroll in Direct Deposit, go to Penn InTouch, select Student Billing Account then Enroll in Direct Deposit. Note: If you do not enroll and subsequently earn wages or become eligible for a refund, payment will be made via a PayCard (VISA debit card). Per US Treasury regulations, the University must have your social security number or a valid passport identification number and country of origin on file to produce a PayCard. If you are an international student who chooses not to enroll in direct deposit, go to Penn InTouch and select Provide passport info. 7 PAYING FOR A PENN EDUCATION FIN R 2018

12 F 2018 FIN R 2018 FIN R 2018 AL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R Legal Statements FERPA The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of student education records. The law applies to all schools that receive funds under an applicable program of the US Department of Education. Your educational information, both financial and academic, is yours regardless of who pays your educational expenses. The law requires that students provide written permission before we can share either financial or academic information with any third party, including parents or spouses. To stipulate with whom SRFS can speak about your student billing account and academic record, review Share Academic/Financial Information on the MUST DO List on page 7. Non-Discrimination Statement The University of Pennsylvania values diversity and seeks talented students, faculty, and staff from diverse backgrounds. The University of Pennsylvania does not discriminate on the basis of race, sex, sexual orientation, gender identity, religion, color, national or ethnic origin, age, disability, or status as a Vietnam Era Veteran or disabled veteran in the administration of educational policies, programs, or activities; admissions policies; scholarship and loan awards; athletic or other University administered programs or employment. Questions or complaints regarding this policy should be directed to: The Executive Director Office of Affirmative Action and Equal Opportunity Programs 3600 Chestnut Street Suite 228, Sansom Place East Philadelphia, PA (voice) (TDD) PAYING FOR A PENN EDUCATION FIN R

13 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANCI GUIDE 2018 FIN R 2018 FIN RE 2018 FIN R How to Contact Student Financial Services Website askben Our self-service tool, askben, answers commonly asked questions 24/7 Located throughout the SFS website PennPlan online Select PennPlan online General Questions sfsmail@exchange.upenn.edu Penn Monthly Budget Plan budgetpl@exchange.upenn.edu Tuition Prepayment Plan Tuition stuloans@exchange.upenn.edu Documents srfsdocs@exchange.upenn.edu We can accept these attachment types only:.pdf.tif.doc.docx.txt.jpg.rtf.xls.xlsx. We cannot accept compressed or zipped files. Please note that ing documents may compromise their security. Fax Please include the enclosed SFS Cover Sheet Telephone Mailing Address Mailing Address for Outside Scholarships Campus Address for Walk-in Service Appointments Student Financial Services University of Pennsylvania 005 Franklin Building 3451 Walnut Street Philadelphia, PA Outside Scholarship Office University of Pennsylvania 140 Franklin Building 3451 Walnut Street Philadelphia, PA Room 100 Franklin Building 3451 Walnut Street An Assistant Director is usually available during office hours Call in advance if you wish to schedule an on-campus appointment Telephone appointments are also available during office hours Office Hours Monday, Wednesday, Thursday & Friday 9:00 a.m. 5:00 p.m. Tuesday 10:00 a.m. 5:00 p.m. Assistant Directors Your Last Name Your Assistant Director Your Last Name Your Assistant Director A-Bor Bos-Con Coo-Fh Fi-Haq Har-Kam Kan-Lev George Walker Frank Banecker Silvia Hanks Sidney Picht Nichole Moore Joe Chandler Lew-Meh Mei-Paq Par-Ros Rot-Sr Ss-Wan Wao-Z Sharon Scott Fred Poindexter Gerri Pettey Dennis Drumm Will Ricksecker Karen McGettigan 9 PAYING FOR A PENN EDUCATION FIN R 2018

14 F 2018 FIN R 2018 FIN R 2018 AL R 2018 FIN R 2018 FIN RE- GUIDE 2018 FIN R 2018 FIN R Checklist for the Next Steps Deadlines 1. To the Admissions Office Use the Say Yes link on your Decision Portal to confirm May 1, 2014 your place in the class. Send your Enrollment Deposit per instructions on May 1, 2014 the My Checklist located on Decisions Portal 2. Payment Options (if you choose to participate) Enroll in the Penn Monthly Budget Plan May 31, 2014 Apply for the Federal Direct Loan (for students) June 15, 2014 Apply for the Federal Direct PLUS Loan after May 15 (for parents) June 15, 2014 Enroll in the Tuition Prepayment Plan June 15, 2014 PAYING FOR A PENN EDUCATION FIN R

15 2018 FIN R 2018 FIN R CLASS O FIN R 2018 FIN R 2018 FINANCI GUIDE 2018 FIN R 2018 FIN RE 2018 FIN R Other Contacts Penn Websites Campus Express Overview of key services for life at Penn Office of the University Registrar Transcripts, course offerings and descriptions, academic records Penn InTouch Your secure gateway to academic, financial and biographical information PennKey Your individual identity key that provides access to many of Penn s networked systems and services. PennPlan online An interactive, web-based financial planning tool Penn Portal Access campus information and manage transactions Student Employment Office Student employment information Student Financial Services Forms, general information, and askben, the SRFS 24/7 question and answer tool University of Pennsylvania Penn s website Other Useful Contacts FAFSA (800) Penn Federal Code: Outside Scholarship Listings Photos by University Communications PAYING FOR A PENN EDUCATION FIN R 2018